A lot of people want a corporation to make an emotional decision right now, but this will be over soon enough, and then what? I think in the least we need to consider the long-term effects of our possible exiting the country before making any rash decisions. Call me heartless, but I'm only being a realist.
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I guess this post is out-dated now.
EM did the best thing at the best time in the best way.
All for the best.
Be best.
Clearly, exiting Russia on principle would be a net positive in the Bank of the Right Thing to Do. But since you have to ask, I’m guessing you don’t give a sh*t. Such thinking exemplifies the evil at the core of ExxonMobil.
This will be over soon enough, OP?
Seriously, how old are you? Clearly, you have no memory of the Cold War.
It’s being calculated now. They will have an answer soon. Be patient.
@OP+1fxpu8E8 you are right. Why would we all of a sudden XOM to become emotional and caring about anyone when it can't even be emotional and caring towards it own employees. It is all business and $$$ for people like you that make up the list of XOM flavor.
I think this board is being spammed by Russian trolls. Or at least I hope so. This is why I’m leaving this id--tic industry.
They are needing to shutdown / slow down production and remove staff as the sanctions have hit shippers and suppliers for Sakhalin. Additionally, in Moscow the “landlord” for the offices is one of the banks on the sanctions list. So XOM certainly not doing this out of principle, they have to because of other sanction related impacts.
No way would DW give up on being in Russia, they think too similarly. Also, without much else going on for the company other than Guyana, want to get back the billions of investment, and the few hundred million payoff to Rosneft a few years ago related to Sakhalin production. Plus I’m sure they are salivating over the potential to be the last major in Russia and sn---h up all the leftovers from BP, She’ll, etc.
Exxon said to withdraw personnel, halt drilling operations in Russia
Mar. 01, 2022 12:28 PM ET
Exxon Mobil Corporation (XOM)
SeekingAlpha.com
Exxon Mobil (XOM +1.1%) reportedly has begun removing U.S. employees working in Russia and scaling back operations at its major offshore development project on Russia's Sakhalin Island in response to the crisis in Ukraine.
Foreign managers have been told to leave the project for at least one month, according to the Sakhalin Online news website.
Exxon has a 30% interest in the Sakhalin 1 oil and gas project, which it operates through its Exxon Neftegaz subsidiary, and is developing three oil and gas fields off Sakhalin; Japan's Sodeco also owns a 30% stake in Sakhalin 1, with India's ONGC Videsh and Russia's Rosneft each holding 20%.
Sakhalin 1 produced nearly 83M barrels of oil and condensate and more than 12B cm of natural and associated gas in 2021.
Exxon, which has been developing Russian oil and gas fields since 1995, is coming under increasing pressure to cut ties with Russia after BP, Shell and Equinor disclosed plans to exit Russian investments or halt operations.
Forget moral and ethical obligations.
Are you dreaming? Stop production from the greatest and brightest . Are you out of your mind? I will prefer to layoff people than shut down production.Ouch! I think that is happening right now. It is how this company works!
EM exiting Russia would hand over billions in assets to Rosneft+Gasprom for free then Russia would get 100% of all profits from the production of those free assets.
EM staying but shutting down is the best decision.
Having an idle asset will be better incentive to promote peace than giving them a free asset and letting them produce it.
There are 100’s of EM employees in Russia that also do not support the war.
EM should keep the asset, just shut it down to stop the cash register.
When smoke settles, start it back up.
OP-you are just like our CEO and his cronies-dollars over principles. You will go far in this organization.